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Tax Payments

Sterling is equipped to support you with seamless payments for the following tax types

RECIPIENT: FIRS

DESCRIPTION: Tax imposed on the profit of a company. Rate is 30%.

WHO DOES THIS APPLY TO?: All companies registered in Nigeria

DUE DATE: June 1 – 30

REQUIREMENTS/ DOCUMENTS: Taxpayer Identification Number (TIN), Audited Financial Statements, Company Income Tax Return Form (CIT Return), Evidence of Tax Payments, Tax Clearance Certificate (TCC), Board Resolution, Proof of Corporate Structure.

RECIPIENT: FIRS

DESCRIPTION: Imposed on all companies registered in Nigeria. Rate is 2% of assessable profit.

WHO DOES THIS APPLY TO?: All companies registered in Nigeria

DUE DATE: June 1 – 30

REQUIREMENTS/ DOCUMENTS: Taxpayer Identification Number (TIN), Audited Financial Statements, Education Tax Return Form, Evidence of Tax Payments, Board Resolution.

RECIPIENT: FIRS

DESCRIPTION: Charged at 10% of the chargeable gain on assets disposed.

WHO DOES THIS APPLY TO?: Individuals and Companies

DUE DATE: June 1 – 30

REQUIREMENTS/ DOCUMENTS: Taxpayer Identification Number (TIN), Capital Gains Tax Computation, Capital Gains Tax Return Form, Evidence of Payment, Documentation of the Transaction, Tax Clearance Certificate (TCC), Board Resolution (for Companies)

RECIPIENT: FIRS

DESCRIPTION: 1% of PBT levy charged on specified companies (FIs, Telcos, ISPs) with turnover above N100m

WHO DOES THIS APPLY TO?: Applicable companies only: FIs, Telcos, ISPs

DUE DATE: June 1 – 30

REQUIREMENTS/ DOCUMENTS: Taxpayer Identification Number (TIN), Audited Financial Statements, Computation of the Levy, NITDL Return Form, Evidence of Payment, Tax Clearance Certificate (TCC), Board Resolution (for Companies)

RECIPIENT: FIRS

DESCRIPTION: Tax imposed on income of companies in Petroleum Operations.
Varies from 50% to 85% of chargeable profits

WHO DOES THIS APPLY TO?: Companies in Petroleum Operations

DUE DATE: Two (2) months after the commencement of the company’s accounting period

REQUIREMENTS/ DOCUMENTS: Taxpayer Identification Number (TIN), Provisional Estimated Income, Estimated Expenses, estimated PPT Calculation, Estimated Tax Payable, PPT Return Form

RECIPIENT: FIRS

DESCRIPTION: The Final Petroleum Profit Tax (PPT) Return is the final tax return filed by companies involved in petroleum operations in Nigeria after the end of the financial year.

WHO DOES THIS APPLY TO?: Applies to all companies engaged in petroleum operations in Nigeria

DUE DATE: Within five (5) months after the end of the company’s accounting period

REQUIREMENTS/ DOCUMENTS: Taxpayer Identification Number (TIN), Audited Financial Statements, Taxable Income and Expenses, Final PPT Calculation, Reconciliation of Estimated and Actual Payments, Final Petroleum Profit Tax Return Form, Tax Clearance Certificate (TCC), Payment of Final Tax Liability

RECIPIENT: FIRS

DESCRIPTION: Tax imposed on the income of individuals. Ranges from 7% to 24% of chargeable income.

WHO DOES THIS APPLY TO?: Residents of Nigeria, Income Earners

DUE DATE: 31st March

REQUIREMENTS/ DOCUMENTS: Taxpayer Identification Number (TIN), Income Documentation, Tax Computation, Evidence of Tax Payment.

RECIPIENT: FIRS

DESCRIPTION: Pay As You Earn (PAYE) is a tax deduction system where employers are responsible for withholding income tax from their employees’ salaries and remitting it to the relevant tax authorities (either the State Internal Revenue Service (SIRS) or the Federal Inland Revenue Service (FIRS) depending on the employee’s location).

WHO DOES THIS APPLY TO?: Employers of Labor, Self-Employed Individuals

DUE DATE: 31st January & 10th of every month for PAYE returns

REQUIREMENTS/ DOCUMENTS: Employer Detail, Employee Information, Total Tax Withheld, Employer’s Contributions, Declaration.

RECIPIENT: FIRS

DESCRIPTION: Tax collected in advance. Rate varies from 5% to 10% depending on the transaction.

WHO DOES THIS APPLY TO?: Companies, Individuals and Organizations, Deducting Agents

DUE DATE: 21st of every month

REQUIREMENTS/ DOCUMENTS: Payer Information, Payment Information, Tax Remittance Information, Filing Period, Taxpayer’s Declaration

RECIPIENT: FIRS

DESCRIPTION: 5% consumption tax paid for goods purchased and services rendered.

WHO DOES THIS APPLY TO?: VAT Registered Persons, Taxable Goods and Services.

DUE DATE: 21st of every month

REQUIREMENTS/ DOCUMENTS: Payer Details, Sales (Output VAT), Purchases (Input VAT), Net VAT Payable, Details of Exempt or Zero-rated Supplies, Declaration of Remittance

RECIPIENT: Nigerian Customs Service

DESCRIPTION: 5% to 40% imposed on goods

WHO DOES THIS APPLY TO?: Importers and exporters of goods, Manufacturers and importers of excise goods

DUE DATE: –

REQUIREMENTS/ DOCUMENTS: Depends on the type of tax. They include Commercial Invoice, Tax Identification Number (TIN), Packing List, Bill of Lading (B/L) or Air Waybill (AWB), Certificate of Origin, Customs Declaration Form (Form M for Imports and Form NXP for Exports) etc

RECIPIENT: State IGR taxes

DESCRIPTION: PAYE, Direct Assessment Tax, Withholding Tax on Contracts, Property & Tenement Rate, Motor Vehicle Levy, Signage Bill & Adverts, Waste & Water Bill etc

WHO DOES THIS APPLY TO?: Paid by companies and individual resident in a state

DUE DATE: –

REQUIREMENTS/ DOCUMENTS: Depends on the requirement by the IRS of each state. General requirements are tax IDs , tax information and tax reference number.

Tax Remittance Solutions

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Remita

Remita offers an all-in-one financial solution to streamline your financial management. With Remita, you can accept payments from your customers and manage your accounts across banks, all in one place. You can also make digital payments to beneficiaries across all banks and enjoy online and offline payments processing via any Nigerian bank in the SystemSpecs network.
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PayDirect

PayDirect is an effective web-based collections solution that allows you to accept payments via multiple channels (i.e. bank branches, ATMs, POS, mobile transfers, debit/credit cards, cheques, money orders) and monitor payments in real-time. With PayDirect, you can make payments to beneficiary accounts in any Nigerian bank and receive payments made at any Nigerian bank on the Interswitch network.
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PayOutlet

PayOutlet is a solution that helps you make payments to any Nigerian bank, collect payments from your customers through eTranzact member banks and consolidate all payments from multiple banks into one account

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eCashier

The eCashier platform is a web-based multi-account and multi-bank collection platform designed to enable Banks via their branches, collect funds on behalf of Public and Private Sector Clients, Religious organizations, etc. from Payers/Donors/Subscribers/Customers for payment of various services such as PAYE, Taxes, Fines, Licenses, Bills, or donations, etc. It is a collection product by Xpress payment. It is used by Delta, Ogun, and Oyo states

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RevPay

The RevPay platform provides a secure online payment and receiving platform that makes invoices/bills available to payment gateways for payments of taxes and levies to the state. It is a secure online payment solution with enhanced transaction turn-around time. It has provided enhanced ease of payment/remittances system to Lagos State Government for taxpayers to fulfill their civic responsibilities regardless of their location.

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